Suddenly It’s 2008 Again, But There’s One Huge Difference

Gun in foot

Suddenly the economy sucks and everyone is comparing this year to 2008.

If that’s true, then there’s one huge difference.

There’s no dry powder for the government to ease. Actually, the government could do more, on the fiscal side, but not only is it not going to happen, it’s going to be the reverse. The US is about to get fiscal austerity.

And pray to God if there are concerns about the banking system again, because there’s no way anything like TARP could get passed in the current environment. No way.

For signs the economy is slowing, see here >